Beech Street Closes $26.3M Loan for N.J. Acquisition
- Sep 04, 2012
Lindenwold, N.J.—Beech Street Capital has provided a $26.3 million Freddie Mac CME loan for the acquisition of The Landings at Pine Lake, a 520-unit community located in Lindenwold, N.J. Abe Hirsch and Moshe Majeski originated the transaction for Meridian Capital Group. The transaction was financed by Beech Street Capital as part of its correspondent relationship with Meridian. The borrower was Azure Partners LLC.
The Landings at Pine Lake is located within Camden County and is considered part of the Philadelphia metropolitan statistical area. The asset is currently 95 percent occupied. Forty-six three-story buildings built between 1971 and 1976 house the 520 units. The property was originally built as condos and was most recently renovated in 2004-2006. Amenities include a dog park, fitness center, tennis courts, swimming pool, community garden, club room and internet lounge.
Massachusetts asset trades for $21M
Millis, Mass—CB Richard Ellis — N.E. Partners has brokered the sale of Stoney Brook Village, a 202-unit garden-style community located in Millis, Mass. The apartment was sold by John M. Corcoran & Co. to Universal Management of Newton. The sales price was $21 million. Simon Butler, executive vice president/partner, and Biria St. John, executive vice president/partner, represented the seller and procured the buyer.
“Value-Add is what we do and we are delighted to have this opportunity,” says Stuart Levey, president and chief executive officer of Universal Management.
“We appreciate this opportunity to leverage our expertise to renovate for sustainability, reduced operating costs and overall property repositioning,” adds Barbara Tyrrell, chief operating officer at Universal.
Stoney Brook Village was built in 1974 and is situated on 28.8 acres in a wooded setting. The nine three-story buildings have a unit size averaging 828 square feet. On-site amenities include a pool with sundeck, a playground, and a basketball court.
HFF closes sale of and arranges financing for Oregon community
Corvallis, Ore.—HFF has closed the sale and arranged financing for Grand Oaks Apartment Homes, a 125-unit/249-bed community located near Oregon State University in Corvallis, Ore. The service firm marketed the property on behalf of its seller, American Capital Group. Horizon Realty Advisors purchased the asset for $14.5 million. HFF also arranged a $10.9 million, fixed-rate acquisition loan through Freddie Mac on behalf of Horizon.
“Grand Oaks offered investors the opportunity to purchase an exceptional community in a very high barrier to entry university market,” says Brian Kelly, managing director at HFF.
“The size and quality of the asset was well received by local investors, national and regional syndicates, and large national student groups,” adds Ira Virden, director at HFF.
Grand Oaks, which was built in 2002, was 99 percent occupied at the time of sale. The property has one-, two- and three-bedroom units averaging 952 square feet each. Amenities include a clubhouse, fitness center, swimming pool and spa, playground, and covered parking.